President Cyril Ramaphosa is concerned about the uncertainty being created in the financial markets around the fate of Finance Minister Nhlanhla Nene, his spokesperson said on Tuesday.

Speaking to News24, Ramaphosa's spokesperson Khusela Diko said Ramaphosa would make an announcement on Nene's fate at 16.30.

News24 will cover and stream the announcement live.

Diko said the president was worried about the implications for the country's "economic recovery and stability".

She confirmed that Ramaphosa and Nene had "engaged" on his testimony at the state capture commission of inquiry, during which he said that he had met with the Gupta family on several occasions.

"The president is obviously concerned about the uncertainty created in the financial markets, and the implications for the economic recovery and stability of the nation. He is applying his mind to the issues," she said.

On Monday, News24 reported that Nene asked Ramaphosa to relieve him of his duties. Business Day also reported this.

On Friday, Nene apologised for his visits to the Gupta family, and said he should have been upfront about them sooner.

Read more: Nene: I'm sorry, I was wrong in meeting the Guptas

An official told News24 on Monday that the engagement between the minister and the president happened telephonically. Diko said the president had been "briefed" on Nene's testimony and said the two had engaged on more than one occasion over the issue.

There have been calls for Nene to resign over his testimony, specifically from the EFF, which called his testimony a "horror show".